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What are Credit score ranges?

Updated on April 2, 2013

What are Credit score ranges?

The easiest way to determine the financial health of an individual is to look at the credit score. Credit score ranges can mean the difference between your loan application form being accepted or rejected.

  • What are credit score ranges?
  • What are FICO credit score ranges?
  • What are vantage credit score ranges?

What are credit score ranges?

Credit score ranges are levels that determine whether your credit score is good or bad. If you have an excellent credit score, it becomes easy for you to avail of a loan on good terms and conditions. However, if your score falls in a bad range, you may not be able to avail of a loan.

Even if you do manage to avail of a loan, you may not be able to get low interest rate. Most lenders are apprehensive about lending money to people who fall in low credit score ranges. Various factors are taken into consideration when calculating the credit score of an individual and these include:

  • History of payments owed
  • Total amounts owed
  • Credit history length and new credit
  • Various types of credit used

The importance of each factor varies when the calculation is done to prepare the credit score.

What are FICO credit score ranges?

The FICO credit score ranges are the most commonly used scoring model. The credit score ranges are broadly classified from 300 – 850 and depending on the range you that you are in you may be able to qualify for a loan easily.

  • 760 and above – Excellent
  • 700 – 759 – Great
  • 660 – 699 – Good
  • 620 – 659 – Average
  • 580 – 619 – Poor
  • 579 and below – Very poor

If your score goes below 580, you may have trouble qualifying and getting a loan. Some lenders insist that people with a higher credit score sign your application form along with you so that you are able to qualify for the bank loan.

Similarly, if you are applying for a credit card, you may find it difficult to get a secured credit card if your score range is below good. The risk of default is usually lower among people who have a higher score range.

You can also enjoy better interest rates if you have a higher credit score. Lenders are usually willing to offer loans at interest rates that are comparatively less. This can help you save large amounts of money over a period.

What are vantage credit score ranges?

Apart from FICO, Vantage credit score ranges is the most used to evaluate the financial strength of an individual. The score ranges are usually classified as:

  • 900 -990 – A
  • 800 – 899 – B
  • 700 – 799 – C
  • 600 – 699 – D
  • 501 – 599 – F

There are many lenders who make use of different score ranges to approve loans and credit cards to individuals. The credit score usually changes over a period due to various factors and an individual who is in the higher score range can go lower and similarly an individual who has a lower range can go higher.

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